Leap Wireless (LEAP +6%) is rallying for the second day in a row thanks to new speculation a...

Leap Wireless (LEAP+6%) is rallying for the second day in a row thanks to new speculation a spectrum deal or full-blown sale will happen. Sprint's (S) cancellation of a conference presentation, together with Leap's Wednesday earnings call remarks regarding its willingness to sell excess spectrum, are the triggers this time around. Nomura suggests investors stay cautious, noting the $2.8B value assigned by Leap to its spectrum is barely above its $2.6B net debt position. Leap filed its Q3 10-Q this morning.